Buying a home is a stressful and emotional time. You want to find the best home at the best price.
Every buyer is looking for a good deal. The good news is that with a lot of knowledge and a little bit of luck, you can find a good deal waiting for you.
First, you need to see how many homes will fit your family. For example, if you are looking for a three bedroom, two bath home with a garage, you may be looking at potentially hundreds of homes within your home town. But if you are looking for a four bedroom, three bath, next door to an elementary school, there may only be one or two homes that fit your requirements.
Knowing how many homes meet your needs lets you know how much negotiating power you have. If the home you want is a dime a dozen, you can play a little hard ball. If the home is only one of two, the seller holds a little more power.
If you want the best possible deal, you should always stick with the home with the most choices.
Another way to find a good deal is to look towards vacant properties. In many cases, the seller has already purchased a new home. They don't want to carry two mortgages, which makes them more flexible to work with. The longer the vacant home is on the market, the more motivated the sellers will be to negotiate with buyers.
You might want to look for a diamond in the rough. Often, all a home needs is a little paint and some minor repairs. A home that sits on the market usually becomes a good deal. With a little work, it becomes a great deal.
Let your agent know that you are willing to take the risks that go along with getting a good deal. Let the agent know what you will and will not overlook.
Sometimes, sellers are looking for more in a buyer than just money. Often, sellers must be able to close by a certain date. They may be trying to move to another city or close on their new home. Whatever the reason, being able to match your closing date with the seller's will often get you a better deal. Make sure you know when the seller wants to close before you put in your offer, then do your best to meet it.
Ask your Realtor about properties that are on a tight schedule to sell. These include properties where the seller must move for a new job, has already purchased a home or is financial difficulty. With delinquencies and foreclosers on a rise across the country, many homes will be in this category in major metro areas. When a home must sell quickly, you are able to negotiate for a better deal.
The biggest key to getting a good deal is patience. Shop around and really compare homes and prices. Know what properties are selling for in your area. Be confident that what you are doing is the right thing, and you will find a good deal in no time at all.
